Oil dips on weaker Chinese demand, traders await OPEC+ cuts - Reuters

Oil dips on weaker Chinese demand, traders await OPEC+ cuts - Reuters:

Oil prices dipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.

Oil has dropped more than 20% from a peak in January after the spreading virus hit demand in the world’s largest oil importer and fuelled concerns of excess supplies. 


Brent crude LCOc1 slipped to $54.38 a barrel by 1255 GMT, down 9 cents or 0.2%. U.S. West Texas Intermediate CLc1 fell 2 cents to $50.30 a barrel.

“The concern remains that the wider markets have yet to reflect the full impact of the disruption,” said Saxo Bank commodity strategist Ole Hansen.